Divorce is eminent - how do I save my assets - Posted by Steve

Posted by Richard (FL) on January 05, 2004 at 19:08:15:

I’m told spouses can “quitclaim” their community property interest to their spouse. Ask your lawyer. I don’t know how effective it would be, though. Judges have a habit taking a 50/50 property, and a separate property, and awarding 100% of the 50/50 property in order to “make up” for not getting 50% of the separate property. Makes a mockery of the separate property rules. The egregious absurdities of the divorce system are rarely (never in my personal experience) visited upon women, so you may have less to worry about.

Divorce is eminent - how do I save my assets - Posted by Steve

Posted by Steve on December 30, 2003 at 22:27:25:

I’m about to get a divorce and don’t want spouse to get any of the RE assets I have accumulated. We live in Texas (a community property state) and most of the properies are in trusts with the beneficairy being either my single member LLC (me being the single member) or a C-corp (of which she is the Secretary and a stockholder).

What should I do prior to filing for a divorce to protect as much of the equity that I can?


Divorce imminent - Posted by John Merchant

Posted by John Merchant on December 31, 2003 at 14:33:46:

If you mean how can you hide those assets, don’t even think about it…that’s fraud & bad trouble for anybody attempting it.

One of the first things her lawyer will do is make you disclose everything you own, whereever, and give all details of same, under oath…and it’s a felony to give any false info on same.

Re: Divorce imminent - Posted by Steve

Posted by Steve on January 01, 2004 at 17:09:06:

That’s not at all what I meant. I do plan to fully disclose everything. What I need is strategies or advice to keep her from getting half of everything since she played no part in running the business, acquiring the assets or managing them.


Re: Divorce imminent - Posted by William Bronchick

Posted by William Bronchick on January 02, 2004 at 19:35:45:

Doesn’t make a difference - assets acquired during the marriage, unless they are clearly SOLE AND SEPARATE PROPERTY (e.g., an inheritance), are subject to community property rules. You can’t “undue” community property assets with an impending divorce.

“SOLE AND SEPARATE” S corp? - Posted by Sara_CA

Posted by Sara_CA on January 05, 2004 at 04:30:27:

I have a question along the same topic. Suppose I am about to be married, but do not want my future spouse in my real estate investments. Can I set up a business entity to do all my RE investing, an entity which is SOLE AND SEPARATELY mine, and has nothing to do with my future spouse? Can I put this in a prenup aggrement? Should I put this in the corporate charter of my business entity? What else do I need to do?

Thanks for any and all information.